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After installing the webserver (yum install nginx will do), just install php5 and its FFMPEG extension like this: http://www.nginxtips.com/ffmpeg-php-ffmpeg-centos-6-7/
Get something with dedicated resources. Transcoding video is very CPU intensive and in a shared environment your neighbors will feel it. Be kind to your nodemates.
FFMPEG is not really good on Centos 6/7 due to package age, you should run Ubuntu 14+.